Nigeria: Nigeria-China trades hit $7.5b in 2010

As the Chinese Trade and Investment Promotion Mission visits the country, the volume of trade between Nigeria and China has risen from $2.3 billion in 2007 to at least $7.5 billion in 2010.

The China’s Consul General in Lagos, Mr Guo said in spite of global economic meltdown, trade between the two countries remained favourable and promising.

He said: “Sino-Nigeria diplomatic relations of over 40 years, has today, positively impacted thousands of lives in both countries. In 2010, the bilateral trade volume between us surpassed $7.5 billion. It could best be described as a paragon of win-win model.”

Kun added that trade relations between both countries would be promoted in the areas of contract projects, free trade zone investment and cultural exchanges, and disclosed that investors in the two countries had already shown interest in the development of Lekki and Ogun-Guangdong Free Trade Zones in the Southwest region.

On the ongoing visit which ends on Wednesday, the National Co-ordinator and Chief Executive Officer of the Nigeria-China Business Council, Mr Mattew Uwaekwe, said the visit will further widen the trade relationship between the two countries.

The delegation, Uwaekwe said, is expected to meet with interested Nigerians in Abuja and Lagos, adding that the event is open to participants from federal, state, local government officials and appropriate agencies, investors and entrepreneurs.

He appealed to Nigerians to key into this window of opportunities provided by the trade and investment promotion visit, especially Nigerians that would be seeking for partnerships and collaboration with the Chinese.

He said, “The trade and investment mission will focus on promoting Halal food and products, which has become a lifestyle in China and her culture with a global market value in excess of $2 trillion per annum. This is a big market for Nigeria to participate and take its own market share. They will also be promoting other famous and excellent Chinese (Qinghai) companies, their brands and products.”